Bitdeer Technologies Group (NASDAQ:BTDR) Announces Quarterly Earnings Results

Bitdeer Technologies Group (NASDAQ:BTDR) posted its quarterly earnings results on Monday. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.22) by ($1.06), Zacks reports. Bitdeer Technologies Group had a negative net margin of 115.59% and a negative return on equity of 90.58%. The company had revenue of $169.71 million during the quarter, compared to analyst estimates of $151.80 million. During the same period in the prior year, the business earned ($0.35) EPS. Bitdeer Technologies Group’s revenue for the quarter was up 173.7% on a year-over-year basis.

Bitdeer Technologies Group Trading Down 14.9%

Shares of Bitdeer Technologies Group stock opened at $15.02 on Wednesday. The company has a current ratio of 1.03, a quick ratio of 0.84 and a debt-to-equity ratio of 0.12. The company has a fifty day simple moving average of $19.10 and a 200-day simple moving average of $15.22. The stock has a market cap of $3.18 billion, a price-to-earnings ratio of -2.67 and a beta of 2.28. Bitdeer Technologies Group has a 12-month low of $6.84 and a 12-month high of $27.80.

Hedge Funds Weigh In On Bitdeer Technologies Group

Several large investors have recently bought and sold shares of BTDR. Tower Research Capital LLC TRC grew its holdings in shares of Bitdeer Technologies Group by 7,157.0% during the second quarter. Tower Research Capital LLC TRC now owns 7,257 shares of the company’s stock worth $83,000 after purchasing an additional 7,157 shares during the last quarter. New York State Common Retirement Fund acquired a new stake in shares of Bitdeer Technologies Group in the 2nd quarter valued at about $326,000. Boothbay Fund Management LLC purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $332,000. The Manufacturers Life Insurance Company purchased a new position in Bitdeer Technologies Group during the 2nd quarter worth approximately $351,000. Finally, Lighthouse Investment Partners LLC acquired a new position in Bitdeer Technologies Group during the second quarter worth approximately $804,000. Institutional investors and hedge funds own 22.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Bitdeer Technologies Group from a “hold” rating to a “sell” rating in a research note on Friday, August 22nd. Roth Capital reissued a “buy” rating and issued a $40.00 price objective on shares of Bitdeer Technologies Group in a research report on Wednesday, October 15th. Jones Trading started coverage on shares of Bitdeer Technologies Group in a research report on Monday, October 6th. They set a “buy” rating and a $32.00 price objective for the company. BTIG Research boosted their target price on shares of Bitdeer Technologies Group from $23.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, October 14th. Finally, B. Riley restated a “buy” rating on shares of Bitdeer Technologies Group in a research note on Friday, August 15th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Bitdeer Technologies Group presently has an average rating of “Moderate Buy” and a consensus price target of $29.33.

Bitdeer Technologies Group Company Profile

Bitdeer Technologies Group operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and Hash rate marketplace; and a one-stop mining machine hosting solutions encompassing deployment, maintenance, and management services for efficient cryptocurrency mining; as well as mines cryptocurrencies for its own account.